Trial lawyers have a unique caveat to their job. They are always making someone mad. Often times, like Atticus Finch's character in Harper Lee's classic novel To Kill a Mockingbird, they can find that their entire community has turned against them.
Three years after US taxpayers bailed Bank of America out by giving them part of the $700 billion bailout, they repaid Congress by slapping their customers in the face with a $5 a month fee for using a debit card. Bank of America may have sparked its "Netflix movement."
Because the money is harder to access, people who take structured settlements are more likely to "get rich slowly" than my professional clients who can cash in a mutual fund or stock whenever they want.
Why give your family a lump sum and have them blow it? Most insurance policies have options to pay out over time, but few people use them. It limits them to the terms of the insurance company. Thus, I came up with a simple system.
You would think that after having overcome trillion-to-one odds, the idea of running through the money would seem silly to most lottery winners. But 90 percent of people do just that within five years of winning the jackpot.
Most of us want to be physically fit, but very few of us are. The same holds true with financial security. As my father (and many others) used to say, "A lot of people want to go to heaven but no one wants to die to get there."
My solution to gambling addiction would be same one that seems to be helping keep track of sexual predators: A national registry. If widely shared, such a list could prevent addicts from any legalized gambling.
America ships soldiers off to Afghanistan and Iraq for free. If you come back in a body bag, they ship that back for free, too. However, we make families who send soldiers socks, food and underwear pay shipping costs.
After having overcome trillion-to-one odds, the idea of running through the money would seem silly to most winners. However, studies shows that 90% of people blow all their money within five years of winning the jackpot.
I've watched many people get in trouble with upside down car loans, second mortgages or high interest rate financing. Credit keeps many people from living within their means. Then a friend told me he was buying a large house.